In compliance with the SEC requirement – that at least 20% of the Board should be independent directors with no material relationship with the Company, two independent directors – Mr. Periquet and Mr. de Dios — were elected. These directors are independent of management, and are free of any relationship that may interfere with their judgment.

The Board also appointed the following as members of the Board of Advisors: Prof. Randolf S. David, Mr. Mario Luza Bautista, Mr. Honorio G. Poblador IV, Ms. Maria Rosario Santos-Concio and Mr. Rafael L. Lopez.